Wednesday, February 3rd saw the front-month NYMEX Natural Gas Futures Contract open at $2.835, a penny below Tuesday’s closing price of $2.845. Reaching an intraday high of $2.852 within minutes of 9:00AM, the contract broke down throughout the morning until recording the intraday low of $2.748 at 11:10AM. Returning to the $2.830 by midday, changing weather forecasts provided volatility throughout the day. March closed lower on Wednesday at $2.789.
The EIA Natural Gas Storage Report is due out today at 10:30AM. The report is expected to show a 190 BCF withdrawal from storage for the week ended January 29th. This compares to a 137 BCF withdrawal at this time last year and a five-year average withdrawal amount of 146 BCF.
As of 7:30AM EST this morning in Globex, WTI Crude was up 40 cents; Natural Gas was up two cents; Heating Oil was up one cent; and Gasoline was up slightly.
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